FT News Briefing Monday, March 16
Mar 16, 2020
The Federal Reserve has taken dramatic steps to combat economic fallout by cutting interest rates to zero. As the pandemic spreads, the airport industry is experiencing one of its worst months ever, leaving many in turmoil. In a surprising twist, Air Liquide is now seeking higher bids for its hand sanitizer unit, highlighting the soaring demand for hygiene products. The discussions reveal the interconnectedness of financial and travel markets amidst global crises.
AI Snips
Chapters
Transcript
Episode notes
Fed's Drastic Measures
- The Federal Reserve responded to the coronavirus pandemic with zero interest rates and a $700 billion asset purchase program.
- These drastic measures reveal the Fed's deep concern about the financial system's stability.
Impact on Travel and Tourism
- The travel, tourism, and hospitality industries are experiencing sharp drops in business due to the coronavirus outbreak.
- This economic impact is expected to be significant in the near term.
Frankfurt Airport's Decline
- Frankfurt Airport, a major European hub, has seen a dramatic decrease in passengers.
- Lufthansa has cancelled 30,000 flights, impacting airports like Frankfurt significantly.